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All Forum Posts by: Miguel "Mike" Perez

Miguel "Mike" Perez has started 3 posts and replied 42 times.

Post: RE in Florida

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24
Originally posted by @Benjamin Pekarek:

Welcome to Bigger Pockets! I'm an investor friendly broker here in the Sarasota market. If you ever need a broker's price opinion on a flip, or a recommendation on a market rent in the greater Sarasota area, give me a call! 

To your success!!

-Ben

Looking for someone in Broward county?

Any leads?

Post: Becoming a lender on a renovations project

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24
Thanks, folks. John Thedford do you have any lawyer contacts that help with these transactions in FL?

Post: Becoming a lender on a renovations project

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24
Hi folks, In South Florida, or from any folks that have experience... How do I formally (proper paperwork) lend money? I want to act as a lender for a renovations project on a property owned free and clear. Plan A is to basically get the principal and interest paid back. Plan Z is to be able to place a lien on property if the borrower defaults. It seems to me that unless it is a mortgage, I can't really expect to take the property itself over a renovations project loan. Am I right about this assumption? If you can't tell already this would be my first lending deal. That's why I left a lot of room between plan A and Z to learn all the other ways I need to plan for. Muchos thank yous.

Post: Meet ups in South Florida

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24

Hi Laura,

Welcome to BP.

Hang on tight and enjoy the ride.

Glad to hear you are eager to connect with others.

You should check out the local RE meetup led by @Account Closed.

You'll accomplish and learn more in one night there than most people do in 3 months of trying to break into RE.

Next one is June 21.

You can sign up here: 

http://www.meetup.com/GREAT-Opportunity-Las-Olas-R...

Hope to see you there. 

Welcome to BP.

Hang on tight and enjoy the ride.

It sounds like you plan to buy and hold as rental property.

If you expect $19,200 for rental income, then 50% rule says to expect about half of that to be eaten by operating expenses NOT including the principal and interest from mortgage. It DOES include taxes and insurance.

Your analysis seems to be missing some potential big ticket items including but not limited to:

  1. Insurance
  2. HOA Fees
  3. Repairs ($1000 per year seems low, that's only $83 per month)
  4. Landscaping/Grounds Maintenance
  5. Property Management (include it even if you will self manage for the time)

Post: New Member - Miami

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24

Post: New Member - Miami

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24

Welcome to BP.

Hang on tight and enjoy the ride.

You should check out the local RE meetup led by @Account Closed.

You'll accomplish and learn more in one night there than most people do in 3 months of trying to break into RE.

Hope to see you there.

Post: Other lists besides Listsource?

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24

Late to the post, but I tried the following:

  1. AgentPro247
  2. Rebo Gateway
  3. ListSource

@Seth Williams did some nice coverage for these in his YouTube channel which prompted me to give the monthly services a try.  It was a small fee to see how flexible and useful they are to me.

For me, ListSource wins.  

If you are trying to save money, the others may seem like a good deal.

AgentPro247 uses a subscription, but limits your area by counties.  By the time I added all the counties I wanted (3), I was paying a lot monthly for a list that has very little updates on a month to month basis. It did allow me to get into property details and equity percentages. I canceled after first month.

Rebo Gateway has bronze, gold, platinum levels that give you different access to info.  For example getting just homeownership was at the least expensive level, bronze I think. By the time I added equity percentage, it required platinum, which cost a lot more monthly.  Again, a list that has very little updates on a month to month basis. I also canceled after first month.

ListSource gives you access to all these features and charges based on how many leads you get and the options you put on them.  It seems more fair and you only pay once for a list instead of getting a list and paying monthly for that list.  Better yet, you can cross reference any list you purchase to remove leads which you have already paid for so you don't buy same lead twice.  This means if I want a monthly update, I only pay for new leads. Pretty efficient.

I might give give the others a whirl again when I go nationwide.

Hope this helps.

Congratulations and welcome to BP! I recently made the same decision from the Boston area. As of July I will be based in Broward County FL seeking the same respite from life in the northeast. I don't know as much about FL as I do Boston and MA, but my research into south Florida and raising children pointed me toward: Southwest Ranches Weston Coral Springs Davie Cooper City I focused on desirable school districts and these were top performers. As far as RE investing, it didn't much matter to me since I can do that from anywhere. I just wanted to be in a place that met what my wife and I wanted for our family and that I felt had a good mix of like-minded folks into REI. Hope that helps. Add me and we'll stay in touch as you make your way.

Post: When's the next meetup in Broward County, FL??

Miguel "Mike" PerezPosted
  • Flipper/Rehabber
  • Weston, FL
  • Posts 44
  • Votes 24

I would check plan to attend a couple and see which one you like, but I can tell you from personal experience that the one @Account Closed mentioned with the Real Estate and Business Network is quite an evening.

I started attending and I met some inspiringly driven people and solidly connected with them.  Best part was that they were all super-friendly, welcoming, and happy to chat about their passion and mine...real estate and taking action.

If you are worried about showing up not knowing someone, don't be. It's a friendly and relaxed networking atmosphere.  You can also bring a friend/colleague/spouse, or tell Nick you'll be going and introduce yourself when you get there. He will help introduce you to some really great folks and then you can go from there.

Hope to see you there.

I RSVPed through this link: http://www.meetup.com/GREAT-Opportunity-Las-Olas-R...